Zero Hedge – by Tyler Durden
The California State Assembly recently passed a bill that received minimal recognition by the press, outside of the state, but has substantial negative consequences for basically everyone in the country. Once signed by Jerry Brown, the bill, known as AB 1066, will make California the only state in the entire country to provide overtime wages to ag workers after 8 hours a day or 40 hours per week. This change will add about $1BN annually to the cost of growing food in California which will ultimately be passed along to consumers. And since eating isn’t really optional, this is effectively a $1BN tax that California has decided to levy on the entire country. Worse yet, increasing food prices is essentially the most regressive form of “tax” possible given the disproportionate share of wages spent on food by low-income families. And, while you may not know it, California is an agricultural powerhouse that produces roughly 1/3 of all vegetables consumed in this country and 2/3s of the fruits and nuts. Continue reading “California Just Passed A $1 Billion Tax On The Whole Country That No One Noticed”
